Gold is Bearish, but Likely in Last Stretch of Bearish Structure 7/1/22
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2. These are ONHOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about before being put on hold and short covering off the low all the way up to almost take out the highs and rolling over again, being taken off hold.
On a lower timeframe basis: I warned this may be in the last structural stretch from the $2085.2 down, so if we break below $1,792.0-85.0, I would be wary of extension exhaustion levels below which could trigger a bullish correction/trend against the move down—the first of which comes in at $1,770.5-58.7. If we break below $1,792.0-85.0 and trade/settle back above, this would also warn of an early termination of the structure. If we do hold an exhaustion and see an ensuing bullish correction, it should exceed $109 from the low. Decent trade above $1,827.5 (-1.4 tics per/hour starting at 6:00am) will project this upward $37 minimum; but if we break above here decently and back below decently, look for decent pressure.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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